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Updated about 6 years ago on . Most recent reply

User Stats

27
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5
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Ashley Cann
  • Rental Property Investor
  • Sudbury, Ontario
5
Votes |
27
Posts

Cash out refi or HELOC

Ashley Cann
  • Rental Property Investor
  • Sudbury, Ontario
Posted

I own a duplex with about $300,000 and owe about $200,000 on it. I would like to access the equity and would like to run my options by the BP community

Option 1: HELOC

Get a HELOC from a local credit union who will loan up to 80% LTV. Looking into this option currently.

Option 2: cash out refi

Cash out equity and change the loan to a 30 year mortgage, which would decrease the mortgage significantly and increase cash flow each month.

I don't know the Canadian tax issues with the cash out refi. And if the money sat in my account too long I might be tempted to just pay off our unsecured LOC which is $30,000 at 4.99%.

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